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While there are many perks to home ownership (and tax breaks are a big one!), people who are beginning the journey of purchasing a home may be easily misled by common homeowner tax myths.

First, it is important to note that owning your own home does come with tax benefits. For example, a conventional loan’s PMI (private mortgage insurance), the VA loan funding fee, the USDA loan guaranteed fee, and FHA loan upfront mortgage insurance premiums are each tax deductible per the IRS. But as a first-time homeowner, it’s important that you educate yourself on extended tax benefits so that you will know what you can and cannot deduct. Because, unfortunately, some things you might have heard about homeowner tax perks may not be true.

MYTH: DEDUCTIONS ALWAYS CUT YOUR TAX BILL IN HALF

TRUTH: While it is possible for your home ownership deductions to reduce your tax bill, it is not a guarantee. In order to claim deductions, they must add up to more than the combination of the standard deduction and non-home related write-offs, such as sales taxes or charitable donations.  You also will have to itemize your deductions.  Timing, in this case, is everything. For example, if you close on your home in April, you will make several mortgage payments throughout the tax year and chances are that you will exceed the standard deduction and write-offs, in which case your tax bill will be reduced. But if you close in November, you might only make one mortgage payment in the taxable year and you likely won’t exceed the standard deduction, meaning this is one homeowner tax perk that you won’t be able to enjoy until the following tax year.

MYTH: EVERY PAYMENT MADE AT CLOSING IS DEDUCTIBLE

TRUTH: Some closing costs are deductible. Not every fee you pay at your home closing can be written off.  The following closing costs ARE deductible: real estate taxes, mortgage interest, and PMI (private mortgage insurance).  You will not receive a tax break for your homeowner’s or flood insurance premiums. The same applies to appraisal fees, escrow accounts for property insurance and taxes, and title insurance.

MYTH: HAVING A HOME OFFICE IS A GUARANTEED DEDUCTION

TRUTH: Having a home office can indeed provide a deductible…for those who qualify.  You must keep in mind that the IRS’s definition of a “home office” is very specific. The following will qualify you for a home office deduction: you are self-employed, own a small business, work from home and have turned one of your home’s rooms into your office space. If you just work from your couch with your laptop, it doesn’t qualify as a “home office” in the eyes of the IRS.

If you fill out a W-2, your home office is NOT deductible.

Purchasing your first home can be an overwhelming and sometimes intimidating process. Education yourself about homeowner tax breaks is one step you can take toward becoming a knowledgeable, prepared homeowner.

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo Credits: Canva, fool.com, pod.com

3817 Lockwood Lane, Montgomery, AL  36111

MLS# 510110

4 Bedrooms / 4 Full and 1 Half Bathrooms / 4,050 SqFt / Lockwood

Reminiscent of a stately English Manor house, this Frank Lockwood inspired executive home exudes style and character. Grand foyer invites you inside and immediately takes your focus to the gracefully curved main staircase. Built for entertaining, the main floor living spaces flow effortlessly from formal living room, through butler’s pantry/bar area, elegant formal dining room, and open kitchen and den/keeping room. And the cook’s dream kitchen is not lacking in space or amenities like Viking appliances and imported Italian marble. First floor master suite is spacious and stunning and has access through walk-in closet to large laundry room. Master bath has built-in towel warmer and heated floors for cozy comfort year 'round. Second floor features three more bedroom suites, all with private baths, and a second laundry room for convenience. Don’t miss the study/office tucked away off the living room and dining room, and the cozy courtyard off the formal living room. Outdoor living is easy on the large walled courtyard with fountain off the kitchen/keeping room area. Over the two-car garage is a roughly 1500 square foot heated and cooled unfinished area that is studded for an additional bathroom, perfect for another private master suite, home theatre, gym, or simply climate-controlled storage. Situated at the back of a private gated neighborhood with 24-hour manned security and access to community pool, exercise facility, and tennis courts. Quality custom construction, solid wood doors, top-end gas log fireplaces, and antique Italian marble pedestal sink in powder room are just a few of the benefits this wonderful home offers.

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team

2308 Palmetto Street, Montgomery, AL  36107

MLS# 509873

2 Bedrooms / 1 Bathroom / 1,176 square feet / Highland Park

Grab this darling renovation with all the nifty old house features intact! Lots of trim, high ceilings and plenty of space for large furniture. One functional and two decorative fireplaces. Built-in China cabinets in dining room and kitchen. Detached garage holds one car plus huge storage area. Covered front and back porches invite relaxed outdoor living. Kiss your landlord Goodbye!!

Marketed by Montgomery AL Realtor, Sandra Nickel Hat Team!

Do you need some more living space in your home, but don’t want to spend the money on a room addition?  Well, maybe the answer is right in front of you…when you pull into your driveway. Converting your garage into a living space is a great alternative to adding on a room to your home. In fact, if you have a two-car garage, you can add about 600 square feet of living space. And since a garage already has a foundation, walls, and a roof, it will cost approximately half of what you might pay for an addition.

While not as expensive as a new addition, a garage conversion still should not be done cheaply. A quality conversion might take from 4-6 weeks and will include the following:

• insulating walls and ceiling
• raising the floor so that insulation can be placed over the concrete slab
• establishing a heating and cooling source for the space via the house’s main system or by adding an independent one
• upgrading your electrical service
• possibly creating a partition in the wall between your house and garage if you are trying to design and open floorplan
• replacing garage doors with fully insulated stud walls
• adding windows and doors

Before deciding to convert your garage into a living space, consider what you will be losing. You will no longer have a place to park your vehicles indoors to be protected from the elements. You will also be sacrificing storage space for things like landscaping tools, lawn mowers, bicycles, and outdoor gear.

If you feel that having more living space in your home outweighs your need for indoor parking and storage, then converting your garage is a good option for you!

Another thing to consider is that there will be zoning and legal issues to contend with.  A garage goes through a major legal transformation when it becomes a living space. That means there will be requirements for the room that did not exist when it was simply a space to house vehicles. There will be permits involved for the changes you want to make. 

If you ultimately decide that converting your garage is the best way to add more space to your home, be sure to get estimates from several reputable contractors and find one that shares your vision for your new room. 

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334=834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo Credits: thehoneycombhome.com, designingidea.com, easterngaragedoors.co.uk

334 3^rd Street, Montgomery, AL  36110

MLS# 509768

3 Bedrooms / 1 Bathroom / 1,135 square feet / Boylston 

Great opportunity for an investment property or as a home! Several delightful updates in the home have been made in 2021 including a new HVAC, NEW ROOF, NEW INTERIOR FLOORING AND PAINT. Location is close to Maxwell, Gunter, Wetumpka, and I-65.

Marketed by Montgomery AL Realtor, Brennan Parker, Sandra Nickel Hat Team!

According to FBI Crime Statistics, property crime rates are down. That is great news!  But that does not mean you should let down your guard when it comes to protecting your home. If an expensive, top-of-the-line security system is not in your budget, there are still plenty of ways for you to keep your home secure. Most burglars follow a pattern and look for easy targets, so it is important that you are aware of what they are looking for.

Here are tips from professional burglars for you to use to prevent break-ins and keep your home secure:

1. Most Burglaries Occur During the Day

Burglars prefer breaking into homes during daytime hours when homeowners are more likely to be out. The last thing they want is to find someone at home when they are breaking in. They also prefer weekdays to weekends because weekday schedules are more predictable. Weekdays between 12:30 PM and 2:30 PM is prime time for burglars because of the likelihood that homeowners are at work and/or school. So, it is just as important to lock up when you are going to be away during the day as it is at night.

2. Social Media Gives You Away

People love to post vacation photos on social media. But if you do that WHILE you’re on vacation, you are basically telling everyone that you are not home. Criminals keep tabs on accounts like Twitter, Instagram, Facebook, and TikTok to find potential victims. Even if you keep your account private, something as simple as a profile photo can have GPS data embedded in it, allowing a burglar to find your home. Also, if you allow a lot of “friends” (old high school friends, neighbors, acquaintances, friends of friends) to follow you, you never know who a potential criminal might be. It is in your best interest to never post what times you are not at home or how long you will be out.

3. Home Security Systems Will Keep Burglars Away

The last thing burglars want to deal with are alarm systems. It doesn’t matter what security company it is, if they see a home security system set up, they will avoid your home. Homes without a security system are MUCH more likely to be targeted for a break-in. If you choose to have an alarm system installed, be sure to choose a complex code, not your birthday or anniversary. Also, take time to clean off buttons so that a burglar cannot determine the code by finding dirt or grease on the numbers you use most often. In addition to an alarm system, use all the security measures that are at your disposal. Lock windows and deadbolts and make sure house is well-lit. An inexpensive option is to add motion sensors and timers to your lights so that you can make it look like people are home, even when that is not the case.

Even leaving a TV on or having a car parked in the driveway can be a deterrent t for burglars.

4. Burglars Target Homes Where Weapons are Present

You may be a proud gun owner, but you do not want to advertise that to burglars. You might think it will keep them away, but it has the opposite effect. Burglars are enticed by the possibility of scoring some guns. In fact, a gun is stolen approximately every two minutes in the U.S., so gun owners should always keep their guns locked up out of sight. Having an NRA bumper sticker on your car or a Smith & Wesson sign on your house tells criminals they are likely to find guns in your home and makes your house a bigger target for them.

5. Tall Bushes are Great Hiding Places

Burglars love when front porches are surrounded by lots of shrubs and tall bushes. They provide places for them to hide so that they can’t be seen from the street or by neighbors. You should keep any large landscaping features trimmed. If you want large plants by your windows, choose something thorny that will deter a burglar from hiding there, like roses or cacti.

6. Out of Sight, Out of Mind

Make sure that your expensive items are out of sight. For example, do not leave your laptop computer or tablet sitting out so they can be seen from your windows. Put your jewelry away when you are not wearing it; do not leave it sitting out on your dresser where it is easy to find. If you have a key hook with labels for your keys, put it somewhere that it cannot be seen from any windows. In fact, keep it in a place that would be hard to find even if someone broke in.

Make it as hard as possible for criminals to be successful in burglarizing your home!

Your home should be your safe place. Keep it that way by using these measures to keep it secure.

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs!  Call us today at 334-834-1500 and check out https://www.homesforsaleinmontogomeryalabama.com for more information.

Photo Credits: vivint.com, bigdotofhappiness.com, bobvila.com

If you have been out house hunting, you may have noticed some for sale signs with “sale pending” badges on them. What does it mean when a sale is pending? Here is what you need to know about a pending home sale:

A home sale is pending after a seller has accepted an offer and the contract between the seller and the buyer has been signed. 

When the home sale is pending, it’s no longer considered active on the multiple listing service (MLS). The time-frame in which the deal is pending varies depending upon where you live. In some places, it is during the due diligence period when a property is inspected and its public record is checked to be sure there are not any legal issues. In other areas, the pending phase starts after the due diligence phase. Either way, pending home sales are considered a key indicator of market activity.

Due Diligence: In real estate, the period of time known as due diligence is an opportunity for you, the buyer-investor, to receive full disclosure of the facts and conditions of a potential asset prior to completing a transaction with the seller.

Once a sale is pending, the buyer needs to start preparing for the closing.  The best way for the buyer to do this is to make sure the necessary professionals are on hand, including the mortgage lender, title insurance company, Realtor, and inspector. A real estate attorney is also good to have to help complete all legal documentation prior to closing. In most markets, the due diligence period starts once the contract is signed and lasts about 10 days. During this time, the formal application for the loan is submitted to the lender, and appraiser researches the house and area to determine the property’s market value. The attorney will comb through the home’s public documents to make sure there is nothing that could affect sale of the home. This period is also the right time for the buyer to closely examine the details of the house and the transaction to make sure there are no deal breakers.  If both parties are ready to move forward and have agreed to waive the contingencies regarding inspection or appraisal, all that’s left to do is to wait until closing day.

The seller can relax a little more than the buyer while the sale is pending.

After the contract is signed, the seller pretty much just has to wait. The listing agent typically will schedule the inspection, appraisal or any other visits to the property, but the seller might need to be around to allow people in or to be present for the inspection.  However, in some cases, the seller may decide to not be present for any of it. 

It is important to note that once the contract has been signed, the seller cannot back out of the deal, while the buyer is legally allowed to cancel the contract.  But, when negotiation takes place regarding issues found during the due diligence period, the seller can decide what to say yes to.  For example, the seller can choose not to make repairs on things that surfaced during the inspection, or they can refuse to accept a lower price if the property appraises for lower than the sale price. The whole deal can fall apart if the negotiation does not go well, so it’s vital to have a Realtor who will help you through the process whether you are buying or selling.

The last step during the pending sale period is for the seller to move out of the home and leave it in good condition. It is a good idea to leave the home as clean as possible. The buyers will do a final walk-through a couple of days prior to closing. If the closing goes smoothly, the seller will finally be able to slap that sold sticker on the “For Sale” sign!

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo Credits: realtor.com, inc.com, usatoday.com

The new year is here, and for many of us that means we are setting goals for ourselves…things we want to do and achieve in 2022. If you are a homeowner, you may want to add some home improvements to list. Here are some small home improvements you should consider making in 2022:

1. Update your kitchen.  We are talking a simple update; not some huge undertaking. You might be surprised at how different your kitchen will look with just a small change. Something like painting your cabinets or adding a new backsplash can really brighten up the room and give it a modern feel.
   
2. Beautify your walkway with bricks or pavers.  Plain concrete is boring…and not very pretty. But you don’t have to replace it. You can simply embellish it by adding stone, clay or concrete pavers along the sides. If that feels like too much to take on, giving your walkway and/or driveway a good power wash can make them look brand new!
   
3. Do a minor bathroom remodel.  It may sound like a big job, but something as simple as replacing the bathroom mirror and faucet can give your bathroom a whole new look. Want to take it further?  Consider replacing the toilet if yours is old and maybe switch out the shower head for a more luxurious shower experience.
   
4. Upgrade your flooring.  Do you have old, worn carpet in your home?  Now is the time to remove it and replace it with hardwood flooring. If hardwood is out of your budget, consider an alternative like laminate flooring that looks like wood. Laminate is less expensive, but very durable and fade resistant. You can also save quite a bit of money by installing it yourself.
   
5. Update a room (or two, or more) with a fresh coat of paint.  It is amazing how different a room can feel if you paint it a different color. After you paint you can rearrange the room to your liking and add accent pieces (like throws and pillows) to complement the new wall color.

Just remember, small home improvements can make a big difference in your home without breaking the bank!

If you are in the market to buy or sell a home (or both), let me, Sandra Nickel, and my Hat Team of Professionals assist you with all your real estate needs! Call us today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information.

Photo Credits: kitchenmagic.com, familyhandyman.com, homeguide.com, pinterest.com, buildwith5th.com

3591 Bankhead Avenue, Montgomery, AL  36111

MLS# 508078

4 Bedrooms | 3 Full Baths | 3,162 square feet | Edgewood

This stunning split-level masterpiece was designed by noted architect Betty Robinson specifically for the Marks family. This Midtown Montgomery home’s exterior is planed cypress and the grounds flourish with mature trees and heirloom shrubs. Entertain in grand style on the main level consisting of an expansive living room bathed in light by two story windows and featuring a real wood-burning masonry fireplace. Dinner parties will be extra special in the dining room overlooking the rear patio and spacious rear lawn. Upper level contains master bedroom and bath, plus two more guest bedrooms and a recently updated guest/hall bath. Balcony off master and front guest bedroom offers sweeping views of the property and is the perfect spot for morning coffee or a nightcap. Lower level has den/family room with decorative fireplace, built in bookshelves, and another large guest bedroom/bath. This two-owner home has been lovingly maintained and thoughtfully updated over the years and awaits a new family to continue memory-making and living at its best!

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team